FCA Secures Bankruptcy To Refund £3.6M To Duped Investors
Law360, London (April 28, 2021, 4:23 PM BST) -- Britain's financial watchdog said on Wednesday that it has made successful court applications for bankruptcy orders against three former executives who promoted the illegal sale of shares in Our Price Records Ltd., once one of the U.K.'s biggest music store chains.
The Financial Conduct Authority said it secured the bankruptcy order after the three individuals were unable to pay £3.62 million ($5 million) in restitution to 259 investors following a High Court order in 2020.
The official receiver will investigate the finances of Lee Skinner, Tyrone Miller and Clive Mongelard so that their estates can be used as restitution to members...
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